IMF Approves $772 Million Credit For Angola

IMF Approves $772 Million Credit For Angola

The International Monetary Fund has approved the immediate disbursement of $772 million to Angola as part of a three-year arrangement signed in 2018 to reform its economy.

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It was the latest tranche of a $3.7 billion facility granted to the southern African nation to improve governance and diversify its economy to promote sustainable, private sector-led economic growth, the Fund said in a statement Wednesday.

The Fund’s board also indicated it favors an extension of the country’s debt service moratorium until the end of December 2021.

With the Covid-19 pandemic, the IMF had also authorized a credit increase of $765 million to help Angolan authorities fight the disease.

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“Angola is transitioning to a gradual recovery from the Covid-19 shock amid higher global oil prices, low levels of reported Covid-19 infections and the start of a vaccination campaign,” the IMF said

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